Legal overviews
Change of Registration Term for Changes in Composition of Shareholders in Limited Liability Companies under Notarized Transactions
- Service: Corporate Law / Mergers and Acquisitions
- Date: 24.07.2024
In mid-June 2024, the official web site of the Federal Tax Service published information that state registration of changes in the composition of shareholders in limited liability companies under notarized transactions is now carried out within twenty four hours. Reduction of the timeline was made possible due to optimization of technological processes when receiving electronic documents from notaries. In this brief, we will examine the main aspects of this innovation and assess the prospects of its impact on civil turnover and business.
Russian State Duma considering legislative amendments to apply double tax rates for Russians with a second citizenship
- Service: Tax Law
- Date: 23.07.2024
On July 9, 2024, members of the Spravedlivaya Rossiya – Za Pravdu (A Fair Russia – For Truth) political party filed a proposal in the State Duma to amend Russian Federal Law 183-FZ “On Citizenship” of 28 April 2023. The amendments would allow a discriminatory tax regime to be applied against any Russian citizen by birth who also has one or more additional citizenships (excluding South Ossetia or Abkhazia, whose sovereignty is officially recognized by Russia, as well as Belarus) or a foreign residency permit.
"Fine Tuning" the Tax System: Key Aspects
- Service: Tax Law
- Date: 22.07.2024
On July 12, 2024, the Russian President signed the first law passed by the Russian State Duma as part of the "fine tuning" of the tax system announced earlier. We should note that this law introduces very significant changes not only in the tax laws, but also, speaking in simpler terms, in the usual way of life for Russians, because it will, without exaggeration, affect everyone.
Legal Risks Associated with Foreign Shareholders Neglecting or Unduly Fulfilling Their Obligations to Manage a Limited Liability Company
- Service: Corporate Law / Mergers and Acquisitions
- Date: 24.06.2024
Despite the sanctions imposed by western countries, a significant number of foreign companies maintain their presence on the Russian market and continue to operate, mainly through subsidiary limited liability companies. In this connection, we bring to your attention a review of Russian laws governing the legal consequences of a foreign shareholder's failure to fulfill (or improper fulfillment of) its obligations to manage an LLC established under Russian laws.
Changes in Income Tax: What to Expect
- Service: Tax Law
- Date: 17.06.2024
Last week, the Russian Government submitted to the State Duma for consideration and subsequent adoption a draft law (hereinafter also the "amendments") proposing to substantially reform Russian tax laws starting January 1, 2025.
Transactions Involving Acquisition of IP Assets From "Unfriendly" Rightholders Costing over RUB 15 million Now Require Government Commission Approval
- Service: Intellectual Property (IP)
- Date: 05.06.2024
On May 20, 2024, Presidential Decree No.430 "On temporary procedure for acquisition of exclusive rights of certain rightholders and performance of monetary obligations to certain foreign creditors and persons they control" (the "Decree") was published, which establishes the following changes to the procedure for alienation of exclusive rights and payment of remuneration for the alienation.
Tax-Free Transfer of Assets Continues!
- Service: Tax Law
- Date: 30.05.2024
Taxpayers who missed the 2022-2023 deadline for processing transfers of assets from controlled foreign companies ("CFCs") have been in the waiting for many months for an extension of the benefits of tax-free transfer of assets from CFCs. And now, this week, the bill to extend and expand the exemption was approved by the Federation Council, which means that it will soon take effect and the process of voluntary deoffshorization will continue.
Accreditation оf IT Companies: Confirmation аnd More
- Services: Tax Law, Information technology
- Date: 15.05.2024
We would like to remind you that IT companies that wish to enjoy tax benefits need to confirm their state accreditation every year. Companies can confirm state accreditation on the Gosuslugi web site from May 8 to June 1 inclusive.
Deadline coming for filing notifications on controlled transactions
- Service: Tax Law
- Date: 13.05.2024
By May 20, 2024, taxpayers must submit a notification to the tax authority regarding controlled transactions (Clause 2 Article 105.16 of the Russian Tax Code). The key points regarding filing such a notification are described in our brief.
Additional Social Guarantees Against Dismissal for Certain Categories of Employees
- Service: Labor and Migration Law
- Date: 19.04.2024
In February of this year, amendments were introduced to the Russian Labor Code (the "Labor Code") concerning guarantees for persons with family responsibilities in cases where an employment contract is to be terminated.